Saudi Arabia economy grew 5.94% in Q1

Saudi Arabia’s gross domestic product, or GDP, expanded 5.94 per cent on year in the first quarter, data from the Central Department of Statistics and Information showed on Wednesday, slowing slightly after the inflation adjusted measure grew 6.64 per cent in the last quarter of 2011. The world’s largest crude exporter saw its oil sector grow 7.17 per cent in the first three months of the year, while the private sector grew 6.33 per cent and the government sector expanded by 4.24 per cent, CDSI said on its website. The kingdom has used its vast oil wealth, accumulated over the last decade, to fund record budgets and keep its $400 billion five-year infrastructure development programme on track. From Khaleejtimes